Med Revival Castle Rumored to be Owned by an Arab Sheik is Stagnating on the Market

One of the most iconic houses on Miami Beach’s Pine Tree Drive, which is rumored to be owned by an Arab sheik or oligarch or somebody, and was originally owned by one of the founding families of Miami Beach, the Collinses, is on the market for $21.95 million. Listed for $25 million a year ago, the house has sat on the market unsold since.

The listing photos are incredible. The house, at 5011 Pine Tree Drive, is spectacularly historic and iconic and was designed by one of Miami’s great early architects, Russell Pancoast. The expansive lot has water on two sides, and a three-story turret which provides glimpses of the ocean through the hotels and apartment houses on Collins Avenue. It comes with a pool, a tennis court, a boathouse, and expansive lawns.

However, the house does need a significant amount of work. The interiors are a mixture of original architectural details and gaudy updating, including a jarring and actually quite cheap looking black marble staircase, and a mirrored ceiling in the living room. They say white walls go with everything, but this house is a testament to just how false that rule of thumb is. The house is spectacular, but for whoever buys it, will also be a spectacular project to bring it up to snuff

Pine Tree Drive estate once owned by a Miami Beach founding family to hit the market for $25M

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